The gross proceeds from the direct sale of public enterprises between 1999 to date is N249, 497,188,000, the Bureau of Public Enterprises(BPE) has said. It explained that of the said sum, N103, 844,517,000 was used to settle staff salaries and terminal...
Union Bank of Nigeria (UBN) Plc has said that it would need about N300 billion to recapitalise the bank and take capital adequacy level to zero. Group Managing Director of the bank, Funke Osibodu, who disclosed this in an exclusive interview with LEADE...
As the drumbeat of an epic battle between dealers in sub-standard products and the Standard Organisation of Nigeria(SON) rises to a deafening pitch today, the director-general of the standards and products regulatory agency,Dr. Joseph Odumodu, said the...
Aso Savings and Loans Plc has recorded gross earnings of N10.012 billion for the financial year ended March 31, 2010. The result indicated a drop of N78 million or 0.77 per cent when compared with N10.090 billion recorded in the preceding year. The aud...
Some finance experts have said that the plan by the Central Bank of Nigeria (CBN) to kick-off its cashless society pilot scheme in Lagos State might not be easy as it could slow down business activities in the state. According to them, one of the major...
The Nigeria Deposit Insurance Corporation has said that effective inclusive financial system with broad based provision of financial services would reduce poverty in the country. The Managing Director of the corporation, Alhaji Umaru Ibrahim, who made ...
FinBank has set a strategic plan to increase its profit after tax of N2.42 billion for its financial year ending December 31, 2011. The bank also planned to raise its gross earnings to N43.35 billion within the same period. The bank had earlier project...
Professionals in the nation’s housing and construction sub-sector have tasked the federal government to stand strong and tackle the challenges posed by inadequate housing. They noted recently in Lagos that vibrant government policies in the secto...
The Lagos State Government has said it would require N109 billion to fix roads in Ikeja, the state capital and its environs to facilitate free vehicular movement. Commissioner for Works and Infrastructure, Dr. Obafemi Hamzat, said this at the end of an...
Following criticisms from political opponents that the Fashola government was only concerned about developing roads in highbrow areas, the administration has mobilised contractors to fix inner roads in the state . Confirming the present change of polic...
A regime of internationally acceptable standards adopted for construction works is to be observed and implemented by all contractors working with the Lagos State Ministry of Works and Infrastructure. According to the Commissioner for Works and Infrastr...
World Bank has expressed its readiness to work in close relations with the Real Estate Developers Association of Nigeria (REDAN) as a way of assisting the federal government in the housing reform agenda. In a roundtable session with top executives of R...
The National Insurance Commission (NAICOM) is set to enforce compulsory insurance under the Market Development and Restructuring Initiative (MDRI) in September. The Director, Research, Statistics and Information Technology (R,S&IT) of the commissio...
Law Union and Rock Insurance Plc recorded a 14.65 per cent growth in gross premium for the financial year ended December 31, 2010. According to the financial results announced by the management at its 42nd Annual General Meeting in Lagos, the company r...
Continental Reinsurance Plc has posted a 36 per cent decline in profit after tax during second quarter ended June 30, 2011. In filings from the Nigerian Stock Exchange(NSE), the unaudited result for the second quarter showed a profit after tax of N540....